1. Of the judgment of the court of first instance, the part against the Defendants in excess of the amount ordered under the following sub-paragraph 2 shall be revoked.

1. The reasoning for the court’s explanation concerning this case is as follows: (a) the part as set forth in Section 2(a) at the last part of Section 9 of the judgment of the first instance is added to the part as set forth in Section 2(b) at Sections 10, 17, and 11 of the judgment; and (b) the part as set forth in Section 2(c), (d), and (e) are the same as the part as set forth in the reasoning for the judgment of the first instance, and thus, it is cited pursuant to the main sentence of Article 420 of the Civil Procedure Act.

2. A portion used for adding or cutting;

A. In particular, the risk that an investor bears in relation to the acquisition of a corporate bond is the risk of changing the market price of the corporate bond according to the market interest rate and the risk that the principal and interest will not be paid at maturity, i.e., the issuer’s credit risk and the possibility of loss of principal due to such risk. Thus, Defendant F should explain to the Plaintiff the risk of changing the market price of the corporate bond or the credit rating of the issuing company in relation to the risks resulting from the investment when recommending the Plaintiff to make an investment in the instant

Even if the Plaintiff previously invested in a similar product such as the company bond issued by the same company, insofar as the market price risk of the company bond or the credit rating of the issuing company is not always fixed, the said Plaintiff should have explained the credit risk, etc. of the issuing company at the time of investing in the instant product, and there is no evidence to prove that Defendant F had provided such explanation to the Plaintiff A.

B. In the case of Plaintiff A, not only KRW 42,876,087 (i.e., cash reimbursement of KRW 42,371,171, and KRW 504,916), but also KRW 434,005, which the Plaintiff received as a bond (the amount received as a bond by Plaintiff A is the total amount of KRW 938,921, and the amount calculated by subtracting KRW 504,916, Oct. 30, 2015; KRW 504,542, and April 2, 2016) as a bond holder by Plaintiff A, according to each of the statements in the evidence Nos. 46,47, and 50, respectively.